Peter Schiff: Fed Has No Exit Strategy!

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Peter Schiff

Bernanke Almost Comes Clean On "Exit" Strategy

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Max Keiser: Germany Wants Their Gold Back from UK & US!

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Max Keiser

Keiser Report: Goodbye, German Gold?

In this episode, Max Keiser and Stacy Herbert discuss how it is that Gordon Brown's Bottom turned into an audit the gold movement in Germany. They also discuss the mother of all bond bubbles getting set to burst and all that will be left in the Bank of England 'gold' vaults are a big pile of gilts. In the second half of the show, Max Keiser talks to Dominic Frisby, author of Life After the State, about Germany's gold quest, the future of relations between the US and Germany if the gold is not there and about 'life after the state.

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The Real Fiscal Cliff: How to Spot the Ledge

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Peter Schiff

The Real Fiscal Cliff: How to Spot the Ledge | Peter Schiff

Archived from the live Mises.tv broadcast, this lecture by Peter Schiff was presented at the Mises Circle in Manhattan: "Central Banking, Deposit Insurance, and Economic Decline." Includes an introduction by Llewellyn H. Rockwell, Jr. Music by Kevin MacLeod.

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Peter Schiff: Fed Chair Bernanke Throws US Dollar Over the Currency Cliff!

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Peter Schiff

Ben Bernanke Throws the Dollar Over the Currency Cliff

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America: Land of Indefinite Corporate Power, Debt, Detention, Quantitative Easing, Wars

Ah yes, America, the Land of the Fee and  Home of the Grave. Big Brother wages perpetual war to keep the masses rooting for him while the national security and surveillance state ramps up and comes down on you, your family, friends, neighbors, and fellow Americans. Ahead is not only a Fiscal Cliff, but a Day of Reckoning - not more and more exciting TV shows, celebrity news, and 'all is well' corporate mass media coverage. The Matrix has plans for you and your best interests are not in their equation.

You and your descendants will be expected and forced to pay up in taxes, fees, and inflation. Your discretionary income will continue shrinking - but not for the Wall Street Banksters, corporate elite, and politicians wealthy from bribes. They are exempt from paying up by design. You pay, they play. The tab per American citizen (man, woman, child) for the funded USA debt is $51,038 and your share of the FYE 2012 interest expense is $1,191. Both of these per capita amounts, from government data, are grossly understated.

The Supreme Court in January 2010 swept aside the individual citizen with a ruling that corporations are persons with electioneering rights and can attempt to sway elections by authority of the Citizens United case. Even Presidential candidate Mitt Romney said, "corporations are people".

President Obama crushed individual liberties, with the overwhelming support of Congress (from the Tea Party caucus to the Progressive caucus voting 'Yes'), by signing the National Defense Authorization Act late on New Year's Eve (December 31, 2011). This provided for the indefinite detention of America citizens (without legal counsel, a judge, a trial, or a jury of peers) as decided by the Office of the President. This is, of course, the Stalin, Mao, Hitler, Mussolini, Pol Pot totalitarian system of citizen control and ultimately annihilation.

Congress has shown blatant and willful disregard for over a decade of the USA's fiscal future by running up funded debt of over $16 trillion (unfunded is easily in excess of $50 trillion). Next will be Internet censorship. Dissent is the new inconvenient truth. Dissenters will be labeled terrorists for NDAA indefinite detention purposes. The War on Terror is the War on You. The security searches and checkpoints, including groping your genitals to teach you compliance and submission, have already begun.

With all 3 branches of the USA federal government assaulting the American citizen's right to life, liberty, and the pursuit of happiness that leaves the Federal Reserve for the final blow. Now Federal Reserve Board Chairman Ben Bernanke has announced the beginning of the end of the The Great American Empire with indefinite quantitative easing, with indefinite money printing, with indefinite inflation. This is not QE 3, this is QE Infinity. This announces the "U.S. Dollar in not worth the paper it is not printed on" - more and more dollars, less and less value. The final financial and economic assault on the American citizen has begun and will now intensify. You'll be seeing more of this, as you already have, as you shop for food, fuel, and basic living needs.

Egan-Jones rating agency immediately downgraded USA sovereign debt from AA to AA- upon the Federal Reserve's QE Infinity announcement. The SEC most likely will announce a retaliatory investigation of Egan-Jones later in an effort of intimidation and censorship of the truth. The SEC and Federal Reserve are controlled by the Wall Street Banksters and they don't want you to know America has been pillaged by them. The world's worst and most criminal credit rating agencies who also serve the Wall Street Banksters (Standard and Poor's, Moody's, and Fitch) have negative outlooks on the bankrupt American Dream but that is as far as they dare go. Moody's and Fitch continue to think we will believe the USA is AAA while Standard and Poor's rates America at AA+. Among other credit rating agencies a more dismal and accurate story is told:
Dagong Global Credit (China): A, Outlook Negative
Weiss Ratings: C-, equivalent to BBB- or 1 level above junk, Outlook Not Provided

Egan-Jones cited the obvious in their American sovereign debt downgrade: debt greater than GDP, a weaker U.S. Dollar resulting from indefinite quantitative easing, an ongoing zero interest rate environment, unsustainable budget deficits.

With the Federal Reserve's QE Infinity, Congress can continue deficit spending, the oldest sovereign trick in the book. No need to balance the budget until the Day of Reckoning. This props up the financial system, prices will go higher, commodity prices will increase, other hard asset prices will rise, and the markets will continue well aloft. The ridiculous and criminal idea that the Fed is creating  jobs with printing money will ultimately be shown a sham. The global corporations want the cheap labor of Asia and South America, not the higher cost American labor. The USA's future is 'post-industrial' which means most jobs will be low-paying service jobs. A poor nation is easier to control per totalitarian doctrine. A middle class is pesky and has higher expectations such as a future.

Through federal government accounting chicanery, the July 2012 interest expense was a negative -$52 billion and this reduced the annualized interest expense and related annualized effective interest rate paid. No matter, the financial truth and facts will ultimately prevail, they always do, and the FY 2012 interest expense is actually an all-time high no matter what the proven liars in Washington say.



The graphic story of the pillaging of a nation.



The real reason the Federal Reserve's zero interest rate environment is indefinite. America will financially collapse if interest rates spike when the debt is $16+ trillion. That's why the Federal Reserve has to buy a significant portion off the U.S. Treasury debt - to keep rates low and fund the ongoing deficits. There's not enough lenders, buyers of U.S. Treasury bills, notes, and bonds, to keep the Ponzi scheme afloat.



Charts consist of the latest data available from the Bureau of Economic Analysis (GDP at 6-30-12), U.S. Treasury (Public Debt at 9-16-12), and U.S. Census Bureau (Population at 9-16-12):
Public Debt $16.05 trillion GDP $15.61 trillion
Population 314.39 million
Annualized Interest Expense $374.29 billion (the books are cooked)
Effective Interest Rate 2.53% (actually higher than 3.0%)

USA Sovereign Debt Now Exceeds GDP: Greetings From Big Brother

$SPY $DIA $QQQ $IWM

Federal Reserve: "Economic activity has continued to expand at a moderate pace"

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Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve

Federal Reserve Issues FOMC statement

Information received since the Federal Open Market Committee met in August suggests that economic activity has continued to expand at a moderate pace in recent months. Growth in employment has been slow, and the unemployment rate remains elevated. Household spending has continued to advance, but growth in business fixed investment appears to have slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level. Inflation has been subdued, although the prices of some key commodities have increased recently. Longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely would run at or below its 2 percent objective.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. These actions, which together will increase the Committee’s holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.

The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.

To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens. In particular, the Committee also decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that exceptionally low levels for the federal funds rate are likely to be warranted at least through mid-2015.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who opposed additional asset purchases and preferred to omit the description of the time period over which exceptionally low levels for the federal funds rate are likely to be warranted.

Fed Takes Aggressive Stimulus Action to Move Economy Forward

Federal Reserve chairman Ben Bernanke announced the Fed's third attempt to stimulate the economy by buying up mortgage-backed securities and bonds and keep borrowing rates low. Judy Woodruff talks to David Wessel, economics editor for The Wall Street Journal, to understand why the Fed chose this course of action.

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Peter Schiff: Fed Readies QE3, Gold Standard, Fiat US Dollar

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Peter Schiff

The Fed Readies QE3, Republicans Re-Consider the Gold Standard

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Wall Street Banksters: Ongoing Bailouts & No Criminal Prosecutions!

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Neil Barofsky on the Ongoing Bailout of Wall Street and the Lack of Criminal Prosecutions

Welcome to Capital Account. The legacy of the financial crisis and the response from the government is still making headlines. It has turned into a legacy with taxpayers footing the bill and Wall Street paying less for its crimes. Today the SEC charged Wells Fargo's brokerage firm, as well as a former Vice President, for selling investments tied to Mortgage-Backed Securities without fully understanding their complexity or disclosing the risk to investors. Wells Fargo agreed to settle the charges. However, a fine of $6.5 million, no admission of guilt, and a 6-month suspension of the Vice President sounds like a handslap playing on a broken record. We talk to Neil Barofsky, the man who helped prosecute the CEO and President of Refco, and the watchdog for TARP -- the government-sposered bailout of Wall Street.

Neil Barofsky discuses the costs associated with the taxpayer funded bailouts of wall street doled out through tarp and the false promises made under the pretense of bailing out main street. He provides an in-depth account of his experience behind the scenes, as he tried to negotiate what he initially believed, was a program designed to save main street, but that he later discovered was really created with the full intention of bailing out wall street. That man is Neil Barofsky, the former Special Inspector General for TARP and author of "Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street."

Also, Bloomberg reports that Russell Wasendorf Sr., the CEO of the bankrupt Peregrine Financial Group, was indicted on 31 counts for making false statements to regulators. We ask Neil Barofsky if, even without blatant confessions of guilt, there are legitimate criminal cases that could be built around executives at major firms. He cites the LIBOR scandal as the most current, and most obvious example of an opportunity for criminal charges and prosecutions to be filed by authorities.

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Max Keiser: World in Financial Holocaust!

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Wall Street Bankster, Con Artist, and Financial Terrorist: JPMorgan CEO Jamie Dimon

Max Keiser: We're in A Financial Holocaust!

On the Sunday, August 12 edition of Infowars Live, Alex hosts Max Keiser discussing the ravaged state of the U.S. economy and fragility of markets as published in a recent Fox News article The Coming Economic Collapse.

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Federal Reserve: "Economic activity decelerated somewhat over the first half of this year"

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Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve

Federal Reserve Issues FOMC statement

Information received since the Federal Open Market Committee met in June suggests that economic activity decelerated somewhat over the first half of this year. Growth in employment has been slow in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. Household spending has been rising at a somewhat slower pace than earlier in the year. Despite some further signs of improvement, the housing sector remains depressed. Inflation has declined since earlier this year, mainly reflecting lower prices of crude oil and gasoline, and longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects economic growth to remain moderate over coming quarters and then to pick up very gradually. Consequently, the Committee anticipates that the unemployment rate will decline only slowly toward levels that it judges to be consistent with its dual mandate. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee anticipates that inflation over the medium term will run at or below the rate that it judges most consistent with its dual mandate.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run - are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.

The Committee also decided to continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. The Committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who preferred to omit the description of the time period over which economic conditions are likely to warrant an exceptionally low level of the federal funds rate.

Fed Pledges Help But Waits to Act on Economic Vulnerability

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Paul Craig Roberts: The Real LIBOR Scandal and Bond Market Armageddon!

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Paul C. Roberts on "The REAL LIBOR Scandal" and "Bond Market Armageddon!"

Welcome to Capital Account. Today we survey the Wall Street hijinks. From potential big bank criminal wrongdoing in the Libor scandal reported by the Justice Department, to regulators answering for the money laundering probe at HSBC, to a former Citigroup banker accused of misleading clients in a CDO deal. Does this continue because of the lack of senior executive level convictions for financial crimes?

We hear from Charles Ferguson, director of Inside Job and author of Predator Nation who wrote about that on the Huffington Post today. After all of the work he's done, he tells us the price he's paid personally for shining the light Wall Street's underbelly.

And returning to the issue of LIBOR, and the scandal there, the current picture painted is one that shows banks benefiting from borrowing at low rates through interest rate manipulation. But our guest, former assistant Treasury secretary, Paul Craig Roberts, argues that this is too simplistic and that it functions as a diversion from the deeper, darker scandal.

The dirty little secret (well, not so secret if you can do basic math) is that banks have been living off borrowed time since the onset of the 2008 financial crisis. They have assets on their books that they refuse to mark to market, and are dependent on cheap financing and easy liquidity to keep their insolvency from officially bankrupting their institutions. This is what characterizes a zombie bank, and zombie banks no longer speak only Japanese. This is a western phenomenon now, with the zombie virus having crossed the pacific, and then again the Atlantic.

Paul Craig Roberts, Economist and Former Assistant Secretary of the US Treasury under Reagan, will discuss what he calls "the real Libor scandal," and tell us what we may all be missing from this latest hullaballoo.

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Bankers Gone Bad: MF Global, Bank of America

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Wall Street Bankster, Politician, and Con Artist: Former MF Global CEO John Corzine

Nomi Prins on Banker's Gone Bad - MF'ers, BoA, and Spanish Bond Bashing

Welcome to Capital Account. MF Global's creditors could have more than three billion dollars in claims against the failed firm. That's according to the creditors' bankruptcy trustee -- former FBI director Louis Freeh. Guess who is NOT in the front of the line for the money according to Freeh's report? Customers. This is after a report came out yesterday from the trustee for the creditors, James Giddens. Lot's to unpack, and we have just the guest to help us do it, author and former Goldman Sachs managing director Nomi Prins.

G7 finance chiefs reportedly held a Eurozone crisis conference call today as Spain's treasury minister has up a flare: Help Us! The country is shut out of the bond market. The treasury minister and reportedly some of Spain's bankers want the EU to help recapitalize struggling banks. This is easy for them to say. A bank rescue for them comes on the backs of taxpayers. It comes on the backs of citizens. We'll ask if anything could turn this dynamic around.

And, on a lighter night, no pun intended, it seems that cash strapped cities have discovered a new and creative way to fill the budget shortfall: putting advertisements on fire trucks. We are not kidding. Demetri and Lauren will explain on our episode of Loose Change.

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